De Beers Appoints New Chairman

De Beers has named Anglo American CEO Mark Cutifani to be its chairman.

Cutifani, 55, is an engineer with 37 years of experience in the mining industry. Prior to heading Anglo, he was CEO of AngloGold Ashanti.

Cutifani replaces Cynthia Carroll, who spent just a month in the post before resigning as Anglo American CEO. Anglo American owns 85 percent of De Beers. Carroll’s predecessor was Nicky Oppenheimer, and until his resignation a member of the Oppenheimer family had historically held the role.

De Beers’ “125-year heritage, experienced management team, and unparalleled understanding of the unique nature of the diamond market, make it the world’s leading diamond company,” Cutifani said in a statement. “From De Beers’ production and projects portfolio, to its iconic brand and proven ability to open new markets, the company is poised to capture the considerable opportunities in front of us as diamond demand outpaces supply for years to come.”

Added De Beers Group CEO Philippe Mellier: “De Beers is delighted to gain a Chairman with Mark’s operational experience and track record for leading large organizations”